Supervisory committees must broaden their scope

Supervisory committees have many more responsibilities than just the annual audit and verification, says Susan Landauer of Forensic Accounting Services Group.

“It’s not enough to do the annual audit,” Landauer says. “You can outsource these responsibilities, but you need to make sure they are handled properly.”

Landauer defined four additional areas of concern in a breakout session on advanced supervisory committee responsibilities at the CUNA Supervisory Committee and Internal Audit Conference:

1. Weigh whether internal controls effectively achieve financial reporting objectives

Giving any individual too much autonomy and scope of influence invites fraud.

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